Dollar Gains on Trade Deal Hopes, Strong U.S. Economic Data

The dollar held the upper hand against its rivals on Wednesday, particularly versus traditional safe-haven currencies, on rising hopes for a U.S.-China trade deal and a string of solid U.S. economic data.

The dollar index against major currencies was at 97.936, after rising 0.37% on Tuesday to 97.912.

Against the yen, the dollar traded at 109.16 yen, down 0.01% from late U.S. levels but near its October high of 109.285 and a three-month high of 109.25 hit on Oct. 30.

The Swiss franc changed hands at 0.9930 to the dollar following its 0.5% fall the previous day, while gold tumbled 1.73% on Tuesday and last stood at $1,484.1 per ounce, near the lower end of its trading range over the past month.

The euro stood at $1.1075, having dropped 0.49% on Tuesday and was not far from a near three-week low of $1.10635 hit in U.S. trade. Hopes that the Trump administration could roll back some of tariffs it has imposed on goods from China as a part of a “phase one” U.S.-China trade deal boosted risk sentiment in financial market

Source : Reuters

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